Billionaire businessman Femi Otedola has denied reports that he requested a special allocation in the planned initial public offering of the Dangote refinery.
Mr Otedola made the clarification in a post on his X account on Monday.
The report followed viral claims on social media that businessman Aliko Dangote sought financial support from associates, including Tony Elumelu, Mike Adenuga and Otedola, to complete the refinery project.
Otedola said the claim was false and aimed at creating division within the business community.
“I can categorically state that at no point did Alhaji Dangote request for financing from Mr Elumelu, Mr Adenuga and myself. The Dangote Group is a well-structured organisation that is well vast in raising structured capital for its operations,” he said.
He also said he did not invest in the Dangote Petroleum Refinery and dismissed reports suggesting otherwise.
“Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false. He has not invested a single kobo, not one dollar, not one naira,” he said.
Otedola said the story circulating online was misleading and intended to create tension among business leaders.
“This is calculated mischief and a deliberate attempt to create rifts and sow discord within Nigeria’s closely knit and respected private sector leadership,” he said.
He added that those mentioned in the report have contributed to business growth and job creation in the country.
Otedola also said he did not request any special allocation from Dangote in relation to the refinery’s planned public offer.
The clarification comes after a viral post claimed that Dangote approached several business figures for funding, including Tony Elumelu, Mike Adenuga, Abdulsamad Rabiu and Otedola and that some contributions were made toward the project.
In a separate statement, Dangote Industries Limited denied the claims. The company said the refinery was not funded through personal borrowing from friends.
“The Group categorically rejects claims that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends. These assertions are wholly inaccurate and constitute a deliberate misrepresentation of facts,” the statement said.
The company also said there was no disagreement between Dangote and Elumelu, adding that both maintain a long-standing relationship.
“The Group categorically rejects claims that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends,” it added.
Dangote Industries warned against the spread of false information about its leadership and operations. It said it would take legal action where necessary to protect its reputation.
The refinery project, which has a capacity of about 650,000 barrels per day, is expected to expand to 1.4 million barrels per day. Dangote has said about 10 percent of the refinery may be listed on African stock exchanges as part of future expansion plans.
